Donald Trump organizes a crypto summit in the White House

This weekend there is an important event on the doorstep for crypto investors. On Friday, Donald Trump organizes a crypto summit in the White House

Donald Trump is organizing a crypto summit in the White House this weekend, where top figures from the sector will be present.

What began as a rumor now seems to be materializing. After a turbulent few months with several technical support levels being tested, Bitcoin (BTC) finally appears to have found its footing.

Following a period of heightened volatility, which saw a triple top formation at $50,000 in 2023, BTC seems to have stabilized. Technical analysis suggests that the 200-day moving average (SMA) has absorbed the selling pressure, setting the stage for a potential recovery.

After several attempts to break through this support point, technical data suggests that the bears are now exhausted. Notably, a ‘Hammer’ candle formation has emerged, a bullish reversing pattern, indicating that demand is outpacing supply.

However, if Friday’s crypto summit turns out to be a disappointment, we can quickly discard these technical indicators. The market is eagerly anticipating positive developments, and there’s still plenty to keep an eye on.

Impact op altcoins

And it’s not just Bitcoin. Both Ethereum (ETH) and Solana (SOL) are showing heightened volatility in the options markets.

Chart on Deriv

According to Handelsfirma STS Digital, traders anticipate that ETH can move by $135, while Sol is expected to move by $13, which translates to approximately 5.6% and 8.7% movements for both tokens.

In essence, it promises to be another eventful weekend for the crypto market. We’re also observing the positive impact on projects like Chainlink (LINK). With the presence of founder Sergey Nazarov at the White House, the digital currency has surged by 30%.